Question

York’s outstanding stock consists of 80,000 shares of noncumulative 7.5% preferred stock with a $5 par...

York’s outstanding stock consists of 80,000 shares of noncumulative 7.5% preferred stock with a $5 par value and also 200,000 shares of common stock with a $1 par value. During its first four years of operation, the corporation declared and paid the following total cash dividends:
  

Year 1 total cash dividends $ 20,000
Year 2 total cash dividends 28,000
Year 3 total cash dividends 200,000
Year 4 total cash dividends 350,000

Determine the amount of dividends paid each year to each of the two classes of stockholders: preferred and common. (Round your "Dividend per Preferred Share" answer to 3 decimal places.)

Homework Answers

Answer #1

Ans:

Par Value per Dividend Rate Dividend per Number of Preferred
Preferred Share Preferred Share Preferred Shares Dividend
Annual Preferred Dividend: $ 5.00 7.50% 0.375 80,000 $ 30,000
Total Cash Paid to Paid to Common Dividends in Arrears
Dividend Paid Preferred at year-end
Year 1 20000 20000 0 0
Year 2 28000 28000 0 0
Year 3 200000 30000 170000 0
Year 4 350000 30000 320000 0
Total: 598000 108000 490000

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